“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in the statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
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So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102191
Litecoin zoomed 18.71% to $246.43 and Uniswap was trading 3.31% higher at $26.65.
Since the 2019 introduction of Binance.US, which Binance has referred to in the past as a U.S. partner, the international Binance has faced regulatory scrutiny — though that scrutiny has not extended to Binance.US. For example, Italian regulators announced on July 15 Binance was no longer authorized to operate in the country.
“I’ve been through the 2017 cycle, too,” Yang says, referencing the ‘crypto crash’ of 2017 that saw many major cryptocurrencies, including Bitcoin, lose major value. “I know that these things are super volatile, like some days they can go down 80%.”
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The scope of the Binance.US error, however, was in a league of its own and did not go unnoticed by market participants.
Meanwhile, concerns were also mounting on Oct. 21 that leveraged traders have taken on more risk than they can chew.
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According to our SafeMoon Price Predictions, the currency might reach around $0.00000738 by the end of 1 year and $0.00001503 by 2025. Digital Coin Price
Altcoins are alternative versions of Bitcoins, but with minor changes. They are often a result of a Bitcoin fork. There are many different types of altcoins.
SafeMoon was created by Karony and two of his fellow developers from TANO, a Provo, Utah-based video game studio with a bare-bones website. It launched in March with a big social media push, including a giveaway of 100 billion tokens (then trading for less than $0.00000001 each) for “lucky winners” who followed @safemoon, liked and retweeted then tagged three friends.